ECB/2023/33 · GlobalLawDB

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THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,Having regard to the Treaty on the Functioning of the European Union,Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 28.5 thereof,Having regard to the contribution of the General Council of the European Central Bank in accordance with the fourth indent of Article 46.2 of the Statute of the European System of Central Banks and of the European Central Bank,Whereas:

(1)Decision (EU) 2023/2811 of the European Central Bank (ECB/2023/31)^note provides for the adjustment of the weightings assigned to the national central banks (NCBs) in the key for subscription to the European Central Bank’s (ECB’s) capital (hereinafter the ‘capital key weightings’ and the ‘capital key’ respectively). This adjustment requires the Governing Council to determine the terms and conditions for transfers of capital shares between the NCBs that are members of the European System of Central Banks (ESCB) on 31 December 2023 in order to ensure that the distribution of these shares corresponds to the adjustments made. Accordingly, the adoption of a new decision is required to repeal Decision (EU) 2020/139 of the European Central Bank (ECB/2020/5)^note with effect from 1 January 2024.

(2)Decision (EU) 2023/2819 of the European Central Bank (ECB/2023/32)^note determines how and to what extent the NCBs of the Member States whose currency is the euro (hereinafter ‘euro area NCBs’) are under an obligation to pay up the ECB’s capital in view of the adjusted capital key. Decision (EU) 2023/2816 of the European Central Bank (ECB/2023/36)^note determines the percentage that the NCBs of the Member States whose currency is not the euro (hereinafter ‘non-euro area NCBs’) are under an obligation to pay up with effect from 1 January 2024 in view of the adjusted capital key.

(3)Given that each euro area NCB has already paid up its full share in the ECB’s subscribed capital as applicable until 31 December 2023 under Decision (EU) 2020/138 of the European Central Bank (ECB/2020/4)^note, and as far as Hrvatska narodna banka is concerned, under Article 2 of Decision (EU) 2023/135 of the European Central Bank (ECB/2022/51)^note, each euro area NCB should either transfer an additional amount to the ECB or receive an amount back from the ECB, as appropriate, in order to arrive at the amounts shown in the table in Article 1 of Decision (EU) 2023/2819 (ECB/2023/32).

(4)Likewise, given that the non-euro area NCBs have already paid up a percentage of their shares in the ECB’s subscribed capital as applicable until 31 December 2023 under Decision (EU) 2020/136 of the European Central Bank (ECB/2020/2)^note, each of them should either transfer an additional amount to the ECB or receive an amount back from the ECB, as appropriate, in order to arrive at the amounts shown in the third column of the table in Article 1 of Decision (EU) 2023/2816 (ECB/2023/36),

HAS ADOPTED THIS DECISION:

Article 1Transfer of capital shares#

Given the share in the ECB’s capital that each NCB will have subscribed on 31 December 2023, and the share in the ECB’s capital that each NCB will subscribe with effect from 1 January 2024 as a consequence of the adjustment of the capital key weightings laid down in Article 2 of Decision (EU) 2023/2811 (ECB/2023/31), the NCBs shall transfer capital shares among themselves via transfers to and from the ECB to ensure that the distribution of capital shares with effect from 1 January 2024 corresponds to the adjusted weightings. To this effect, each NCB shall, by virtue of this Article and without the need for any further formality or act, be deemed to have either transferred or received with effect from 1 January 2024 the share in the ECB’s subscribed capital shown next to its name in the fourth column of the table in Annex I to this Decision, whereby ‘+’ shall refer to a capital share that the ECB shall transfer to the NCB and ‘-’ to a capital share that the NCB shall transfer to the ECB.

Article 2Adjustment of the paid-up capital#

1.Given the amount of the ECB’s capital that each NCB has paid up and the amount of the ECB’s capital that each NCB shall pay up with effect from 1 January 2024, pursuant to Article 1 of Decision (EU) 2023/2819 (ECB/2023/32) for the euro area NCBs and Article 1 of Decision (EU) 2023/2816 (ECB/2023/36) for the non-euro area NCBs, respectively, on the first operating day of the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) following 1 January 2024 each NCB shall either transfer or receive the net amount shown next to its name in the fourth column of the table in Annex II to this Decision, whereby ‘+’ shall refer to an amount that the NCB shall transfer to the ECB and ‘-’ to an amount that the ECB shall transfer to that NCB.

2.On the first TARGET operating day following 1 January 2024, the ECB and the NCBs that are under an obligation to transfer an amount under paragraph 1 shall each separately transfer any interest on the respective amounts due accruing over the period from 1 January 2024 until the date of the transfer. The transferors and recipients of this interest shall be the same as the transferors and recipients of the amounts on which the interest accrues.

Article 3General provisions#

1.The transfers described in Article 2 shall take place through TARGET.

2.Where an NCB does not have access to TARGET, the amounts described in Article 2 shall be transferred by crediting an account that the ECB or NCB shall nominate in due time.

3.Any interest accruing under Article 2(2) shall be calculated on a daily basis, using the actual-over-360-day method of calculation, at a rate equal to the latest available marginal interest rate used by the Eurosystem in its tenders for main refinancing operations.

4.The ECB and the NCBs that are under an obligation to make a transfer under Article 2 shall, in due course, give the necessary instructions for duly executing such transfer on time.

Article 4Entry into force and repeal#

1.This Decision shall enter into force on 1 January 2024.

2.Decision (EU) 2020/139 (ECB/2020/5) is repealed with effect from 1 January 2024.

3.References to Decision (EU) 2020/139 (ECB/2020/5) shall be construed as references to this Decision.

Annex I · NCBs’ SUBSCRIBED CAPITAL

	Share subscribed on 31 December 2023(EUR)	Share subscribed from 1 January 2024(EUR)	Share to be transferred(EUR)
Euro area NCB
Nationale Bank van België/ Banque Nationale de Belgique	320744959,47	324804337,12	+4059377,65
Deutsche Bundesbank	2320816565,68	2357134464,40	+36317898,72
Eesti Pank	24800091,20	26380542,23	+1580451,03
Central Bank of Ireland	149081997,36	192804200,92	+43722203,56
Bank of Greece	217766667,22	199981180,60	–17785486,62
Banco de España	1049820010,62	1046669933,56	–3150077,06
Banque de France	1798120274,32	1770700531,41	–27419742,91
Hrvatska narodna banka	71390921,62	68511469,74	–2879451,88
Banca d’Italia	1495637101,77	1418000151,07	–77636950,70
Central Bank of Cyprus	18943762,37	19506662,74	+562900,37
Latvijas Banka	34304447,40	34304447,40	0,00
Lietuvos bankas	50953308,28	52241484,12	+1288175,84
Banque centrale du Luxembourg	29000193,94	32215221,04	+3215027,10
Central Bank of Malta	9233731,03	11398732,44	+2165001,41
De Nederlandsche Bank	515941486,95	522912791,50	+6971304,55
Oesterreichische Nationalbank	257678468,28	261694545,91	+4016077,63
Banco de Portugal	206054009,57	205826684,42	–227325,15
Banka Slovenije	42390727,68	43743853,57	+1353125,89
Národná banka Slovenska	100824115,85	101787541,48	+963425,63
Suomen Pankki	161714780,61	160783830,00	–930950,61
Non-euro area NCB
Българска народна банка (Bulgarian National Bank)	106431469,51	105901044,16	–530425,35
Česká národní banka	203445182,87	212419113,73	+8973930,86
Danmarks Nationalbank	190422699,36	192652650,82	+2229951,46
Magyar Nemzeti Bank	167657709,49	171240786,83	+3583077,34
Narodowy Bank Polski	653126801,54	659979031,02	+6852229,48
Banca Naţională a României	306228624,99	312712804,23	+6484179,24
Sveriges Riksbank	322476960,60	318699033,14	–3777927,46
Total^note	10825007069,61	10825007069,61	0,00

Annex II · NCBs’ PAID-UP CAPITAL

	Share paid up on 31 December 2023(EUR)	Share paid up from 1 January 2024(EUR)	Amount of transfer payment(EUR)
Euro area NCB
Nationale Bank van België/ Banque Nationale de Belgique	320744959,47	324804337,12	+4059377,65
Deutsche Bundesbank	2320816565,68	2357134464,40	+36317898,72
Eesti Pank	24800091,20	26380542,23	+1580451,03
Central Bank of Ireland	149081997,36	192804200,92	+43722203,56
Bank of Greece	217766667,22	199981180,60	–17785486,62
Banco de España	1049820010,62	1046669933,56	–3150077,06
Banque de France	1798120274,32	1770700531,41	–27419742,91
Hrvatska narodna banka	71390921,62	68511469,74	–2879451,88
Banca d’Italia	1495637101,77	1418000151,07	–77636950,70
Central Bank of Cyprus	18943762,37	19506662,74	+562900,37
Latvijas Banka	34304447,40	34304447,40	0,00
Lietuvos bankas	50953308,28	52241484,12	+1288175,84
Banque centrale du Luxembourg	29000193,94	32215221,04	+3215027,10
Central Bank of Malta	9233731,03	11398732,44	+2165001,41
De Nederlandsche Bank	515941486,95	522912791,50	+6971304,55
Oesterreichische Nationalbank	257678468,28	261694545,91	+4016077,63
Banco de Portugal	206054009,57	205826684,42	–227325,15
Banka Slovenije	42390727,68	43743853,57	+1353125,89
Národná banka Slovenska	100824115,85	101787541,48	+963425,63
Suomen Pankki	161714780,61	160783830,00	–930950,61
Non-euro area NCB
Българска народна банка (Bulgarian National Bank)	3991180,11	3971289,16	–19890,95
Česká národní banka	7629194,36	7965716,76	+336522,40
Danmarks Nationalbank	7140851,23	7224474,41	+83623,18
Magyar Nemzeti Bank	6287164,11	6421529,51	+134365,40
Narodowy Bank Polski	24492255,06	24749213,66	+256958,60
Banca Naţională a României	11483573,44	11726730,16	+243156,72
Sveriges Riksbank	12092886,02	11951213,74	–141672,28
Total^note	8948334725,55	8925412773,07	–22921952,48